November 17, 2022

Give Your Employees Confidence Around Their Finances

Employee benefits that will help them succeed.

In the age of constant app connectivity, it is easy to forget the benefits of face-to-face interaction, especially when the subject is something as personal as finances, wages, and banking. While many of your employees may interact with their financial institutions through a handheld or laptop screen, that personalized point-of-contact is still an option with South Atlantic Bank. 

With Workplace Banking, our financial professionals will visit your workplace for real, face-to-face conversations with your employees. These one-on-one sessions give your employees a chance to ask direct questions about banking benefits, retirements, and other goals. It’s also a great opportunity to sign them up for checking and savings accounts, making them eligible for direct deposit.

Bring the bank to your employees.

Your business is built on your employees, and you want them to succeed. Like most businesses in the community, you have a mix of employees with different banking needs relevant to their individual life paths and career goals. 

Some of your team may be new to the workforce and have very basic questions about which checking account is best for them, how to start saving for retirement, or how to buy a home. Mid-career employees may need a check-in with a financial professional to ensure their financial strategy still makes sense alongside the evolution of their career. The SAB team can help them take the next step in their finances to bring long-term plans to life.

These days, workers want a little more flexibility to handle personal matters. Workplace banking removes some of this friction and demonstrates that you care about their well-being outside of the workplace. Workplace banking can help increase productivity and retention. 

The benefits of Workforce Banking are two-fold; employees gain peace of mind that comes from having a financial plan, while the employer can see higher productivity and retention among the team.

Benefits for employers:

  • Increased participation in direct deposit. Signing employees up for accounts, at their place of work, makes it easier to steer them towards using a direct deposit option. One of the primary advantages of direct deposit is that it makes your business’s cash flow more transparent. Your business can simply disburse the funds directly to the employee’s bank account, instead of holding the funds until the employee gets around to finally cashing the check.
  • Reduce Employee Stress. Employees often have financial concerns that may be bothering them at work. Helping improve their awareness of their financial situation results in a happier, more productive employee. A fiscally informed staff will have the ability to be better protected from financial risk. Your business profits from this clarity.
  • Contribute to your employee retention. As all business owners know, the job market is facing massive fluctuations right now. Attracting new talent, and retaining your current workforce is challenging for all businesses. Helping employees attain a solid grasp on their finances is a great way to show your commitment to them, build loyalty, and retain staff. With Workplace Banking, you will reward your employees with these specialized services at no additional fees or added costs to your business.

Benefits for employees:

  • Worry less about their finances. Employees are 5x more likely to let financial worries distract them at the workplace. With this program and the access to financial professionals that it provides, you can help reduce that tension and make your worksite a more stress-free, productive place with this one, easy step. Through this process, employees are afforded to opportunity to cultivate healthier financial habits, which ripple positive effects through all aspects of their lives.
  • Community-based banking. The core idea behind Workplace Banking is to put local bankers, members of their community, directly in front of your employees. We’re reframing the way people interact with their banking institutions, with personalized, tailor-made products and services, all at your worksite.
  • Convenience is key. Bringing banking professionals to your workplace is just the first step. We’ll show your employees how to stay on track with their financial plans and goals. They’ll learn how to navigate the digital banking platform and do more without running to the bank.
  • Personalized, at your business. Talking about finances can be an uncomfortable experience. Often, the conversation progresses into goals, desires, and very core motivations that your individual employees may possess. It can get personal, very fast! Having these conversations on their own turf may remove some of those reservations and allow for a more comfortable, stress-free environment, resulting in more productive financial conversations.
  • Individualized, informative interactions. Your staff will be provided facetime with loan officers, mortgage experts, retirement advisors, and other dedicated specialists that can help employees tackle their specific financial goals. Your staff may not even know how various financial products can help achieve their goals. Whatever their concerns may be, we can address them with knowledgeable, professional advice. We also offer free, onsite educational seminars on topics that are important to your employees, like mortgages, retirement plans, savings programs, and others.
  • Perks a plenty. Workplace banking can come with perks, like free checks, favorable ATM fees, fewer charges, and access to unique services like health savings plans, discounts on safe deposit boxes, and installment loan discounts. It’s truly a benefit to offer to your team!

Our financial professionals are passionate about helping your team members align our banking options with their financial goals. We want to help your staff feel empowered, informed, and confident about their financial decisions. Please contact us at South Atlantic Bank to see how we can best meet both your businesses and employees’ banking needs, at your workspace, with Workplace Banking.

Tailor-made for your business.

Tailor-made for you.

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